OAR 413-310-0510
Unclaimed Trust Account Balances

(1)

In accordance with the Uniform Disposition of Unclaimed Property Act of l957 (ORS 98.302 (Definitions for ORS 98.302 to 98.436)–98.436 (Short title)) the Department will:

(a)

Identify each account which has been “unclaimed” and abandoned five years from the date Department custody was terminated;

(b)

Every year from June 30 until November 1, unclaimed Trust Account balances will be cleared and disbursed to the Department of State Lands after completing the following:

(A)

Intentionally left blank —Ed.
(i)
Review the account to determine if the
balance represents money received while the child was in care and whether it should have been used to offset the cost of care;
(ii)
If it is determined that the balance should have been used to offset the cost of care, follow instructions under OAR 413-310-0500 (Clearing a Trust Account).

(B)

Determining whether the balance represents child support or federal benefits, and whether appropriate actions were taken at the time Department custody was terminated per instructions under OAR 413-310-0500 (Clearing a Trust Account), Clearing a Trust Account;

(C)

When money remains in the Trust Account, a notice must be sent to the client’s last known address stating that there is a Trust Account balance with the Department. Allow the client 30 days from the date of the notice to respond.

(c)

If the notice is returned because the child has moved leaving no forwarding address, or the 30 days has elapsed without a response, the branch is to dispose of the balance in the following manner:

(A)

Balances of $3 or less are to be disposed of by preparing a memorandum entitled “Unclaimed Trust Balances,” which includes: the child’s name; eligibility; branch; case number; person letter; and date case closed and submitting it to the Department’s Central Trust Clerk for processing. These minor balances which result primarily from final interest postings will be reversed from the client’s Trust Account and added back to the next Monthly Interest Distribution;

(B)

Balances over $3 shall be sent to the Department of State Lands. Prepare a CF 198, payable to “Department of State Lands” in care of the child’s name. In comments record date case closed and that this is an unclaimed balance. A Department of State Lands Form 2A listing the details of the accounts being transferred must accompany the 198s and be sent to the Department’s Central Trust Clerk. Separate 2 A’s are to be prepared for:
(i)
Accounts which have balances under $10;
(ii)
Accounts which have balances of $10 or more.

(C)

Department accounting will prepare the Form 1A, 3A, and accumulate the trust checks which are to accompany the Form 2A’s to the Department of State Lands.

Source: Rule 413-310-0510 — Unclaimed Trust Account Balances, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=413-310-0510.

Last Updated

Jun. 8, 2021

Rule 413-310-0510’s source at or​.us